News Article
Altair Semiconductor closes U.S. $22M series 'C' funding round
Latest round of funding primes Altair's global expansion and future developments in mobile WiMAX, LTE and XGP chip technologies.
Altair Semiconductor, a fabless chip company developing 4G mobile semiconductors for handsets and handheld devices, announced that it closed a U.S. $22M series C funding round. The round, in the form of a combined equity and credit investment, was led by Pacific Technology Fund (PTF), and joined by ETV Capital and returning investors. The funding will be used to support Altair's global expansion, sales and customer support, as well as future development of Altair's chipsets for WiMAX, LTE and XGP.
"Pacific Technology Fund is very impressed with Altair's strong record of achievement, and the potential of Altair's technology," said Adriaan Lightenberg, Managing Partner of Pacific Technology Fund. "We believe Altair's chipsets are going to change the rules of the game in the 4G market with lower power consumption, smaller size and decreased cost of bringing products to market."
Altair's business has gained considerable momentum since its U.S. $18M Series B round of funding in May of 2007. On the LTE front, Altair has created strategic partnerships with key ecosystem members to accelerate the development and interoperability of its LTE solution.
"Altair is a company with a different approach to Mobile WiMAX chipsets," said Berge Ayvazian, Chief Strategy Officer for the Yankee Group. "While most chip makers focus on serving today's CPE and laptop centric markets, Altair has chosen to go straight to mobile devices, and has developed a solution that enables the cost effective integration of WiMAX into virtually any device. This third and significant round is not only important for Altair's expansion, it is also important for the WIMAX industry."
"Pacific Technology Fund's significant investment demonstrates their belief in Altair's strong market position, despite the global economic conditions," said Altair CEO and Co-Founder Oded Melamed. "Pacific Technology Fund joins a solid consortium of returning investors in helping us grow our business, and develop the chipsets that will drive 4G into the mainstream by empowering a new class of handheld devices."
"Pacific Technology Fund is very impressed with Altair's strong record of achievement, and the potential of Altair's technology," said Adriaan Lightenberg, Managing Partner of Pacific Technology Fund. "We believe Altair's chipsets are going to change the rules of the game in the 4G market with lower power consumption, smaller size and decreased cost of bringing products to market."
Altair's business has gained considerable momentum since its U.S. $18M Series B round of funding in May of 2007. On the LTE front, Altair has created strategic partnerships with key ecosystem members to accelerate the development and interoperability of its LTE solution.
"Altair is a company with a different approach to Mobile WiMAX chipsets," said Berge Ayvazian, Chief Strategy Officer for the Yankee Group. "While most chip makers focus on serving today's CPE and laptop centric markets, Altair has chosen to go straight to mobile devices, and has developed a solution that enables the cost effective integration of WiMAX into virtually any device. This third and significant round is not only important for Altair's expansion, it is also important for the WIMAX industry."
"Pacific Technology Fund's significant investment demonstrates their belief in Altair's strong market position, despite the global economic conditions," said Altair CEO and Co-Founder Oded Melamed. "Pacific Technology Fund joins a solid consortium of returning investors in helping us grow our business, and develop the chipsets that will drive 4G into the mainstream by empowering a new class of handheld devices."
